Bursa Malaysia suspends short selling of the egg producer’s shares this morning, to resume on Monday.
LTKM had proposed in April 2022 to dispose its chicken egg production business to become an electronic manufacturing services provider.
The news precipitated a 25 sen or 17.2% plunge in LTKM’s share price to RM1.20 this morning, prompting Bursa Malaysia to step in and suspend intraday short selling of its shares for the rest of the day. LTKM had said it would acquire the entire equity interest in Local Assembly for RM336 million, to be satisfied by RM100 million in cash and the issuance of 393.33 million new LTKM shares at 60 sen each.
“Although its projects are still ongoing, Local Assembly is facing unforeseen delays in their implementation by its major customers, while LTKM has returned to profitability from the egg subsidy by the government since the inception of the proposals.
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